TLDR
- Dogecoin (DOGE) has hit a key support level on the weekly chart, suggesting a potential major price move
- The cryptocurrency could rally to between $0.22 and $0.48, with $0.38 being a significant target
- Trading volume has surged 16.12% to $2.93 billion, with option volume climbing 87.59% in 24 hours
- Technical analysts identify $0.17 as a key resistance level that could trigger a run toward $0.21 and $0.29
- Current DOGE patterns reportedly mirror those seen before its massive 2021 rally to its all-time high of $0.7376
Dogecoin has recently hit a key support level that could push its price higher in the coming weeks. Trading at around $0.166, DOGE is showing signs of a potential breakout if it manages to move above the $0.17 resistance level.
The meme-inspired cryptocurrency fell in the past 24 hours, but analysts suggest this dip could be beneficial for its long-term trajectory. DOGE gained 18% last week, and similar momentum could continue if both spot and derivative market traders push the asset upward.
The cryptocurrency is currently trading at an ascending support line on the weekly chart. This same support level previously acted as a catalyst for DOGE’s rise to $0.48.
Market Activity Shows Increased Interest
Trading volume for Dogecoin has increased by 16.12%, reaching $2.93 billion. Option volume has seen an even more dramatic rise of 87.59% in the past 24 hours.
The Open Interest (OI)-weighted Funding Rate and the Volume-Weighted Funding Rate are both showing gradual market rises. Both metrics currently stand at 0.0071%, indicating that unsettled contracts are mostly held by long traders.
This positive sentiment is backed by substantial buying volume. The combination suggests that market participants are positioning themselves for an upward movement in DOGE’s price.
Spot market activity has been strong, with traders purchasing $8.9 million worth of DOGE recently. This follows several consecutive days of buying.
The Long-Short Liquidation Ratio reveals that sellers have experienced more losses, totaling $630,000. Long traders have recorded comparatively lower losses, indicating increased buyer activity.
Technical Analysis Points to Key Levels
If Dogecoin can break above the $0.17 resistance level, analysts predict it could run toward $0.21 and potentially reach $0.29. However, maintaining support at $0.13 is crucial for this bullish scenario.
The $0.38 level represents a major target as it contains significant liquidity clusters in the market. For DOGE to reach this milestone, it must maintain upward momentum.
Some technical analysts believe the current price pattern resembles past accumulation phases that preceded major rallies. One analyst pointed out that DOGE is showing the same technical formation it did before its massive 2021 rally when it soared to its all-time high of $0.7376.
$DOGE (Dogecoin) looking ready to put on yet another magical bullish performance to NEW ALL TIME HIGHS!
This can result in an AT-LEAST +200% to +330% move above $0.73 ⤴️… pic.twitter.com/tCRCtPzrGq
— JAVON⚡️MARKS (@JavonTM1) April 13, 2025
If history repeats itself, these analysts suggest the price could surge by 200% to 330%, though this represents a long-term projection rather than an immediate price target.
The cryptocurrency would need to overcome several hurdles to reach such heights. With a current circulating supply of 148.83 billion DOGE (over 40% more than in 2021), the dynamics for reaching previous peaks have changed.
To match its former high of $0.7376 with the current supply, Dogecoin would need a market capitalization exceeding $110 billion. For DOGE to reach $1, it would require a market cap of about $148 billion.
While technical indicators are beginning to tilt bullish, they still reflect caution among traders. A confirmed move above $0.17 would mark a significant shift in market sentiment and could reignite interest in higher price predictions.
The coming weeks will be critical for Dogecoin as it tests these key resistance levels and attempts to build on recent momentum.
